Huafon Spandex(002064) 中国经营报·2025-05-16 18:25Core Viewpoint - Huafeng Chemical's asset restructuring plan has failed after the acquisition of two subsidiaries was not approved by shareholders, leading to the termination of a 6 billion yuan transaction [2][3][4]. Group 1: Acquisition Details - The company planned to acquire 100% equity of Huafeng Synthetic Resin and Huafeng Thermoplastic for a total price of 6 billion yuan, with valuations showing an increase of over 470% [2][3]. - The assessment value of Huafeng Synthetic Resin was 4.045 billion yuan, reflecting a 506.96% increase compared to the book value of 666 million yuan, while Huafeng Thermoplastic was valued at 1.963 billion yuan, with a 478.49% increase [3][4]. - The acquisition was intended to enhance the company's product line and improve its risk management and profitability [4]. Group 2: Shareholder Voting Outcome - The acquisition was halted due to insufficient votes, as the proposal did not receive the required two-thirds majority from shareholders at the meeting [4][5]. - The decision to terminate the transaction was made after careful consideration and discussions among the involved parties [4]. Group 3: Current Business Status - Despite the termination of the acquisition, the company's operational activities remain unaffected, and there are no adverse impacts on the interests of the company and minority shareholders [5]. - The company plans to pause the acquisition and will seek further opinions before discussing a revised transaction plan, potentially increasing the cash payment ratio [5]. Group 4: Financial Performance - Huafeng Chemical has experienced a decline in net profit for three consecutive years, with figures dropping from 28.44 billion yuan in 2022 to 22.20 billion yuan in 2024 [6]. - Revenue figures for the same period were 258.84 billion yuan, 262.98 billion yuan, and 269.31 billion yuan, showing modest growth rates [6]. - The company reported a 5.15% decline in revenue and a 26.21% drop in net profit in the first quarter of 2025 [6]. Group 5: Industry Context - The decline in performance is attributed to increased production capacity in the polyurethane industry and a significant drop in product prices, with the average price of spandex falling by 17.11% in 2024 [6][7]. - The gross margin of Huafeng Chemical has decreased from 38.70% in 2021 to 13.83% in 2024, further dropping to 13.47% in the first quarter of 2025 [7]. - The industry is undergoing a transformation, with a focus on improving concentration and potential growth in differentiated applications, particularly in sectors like healthcare and automotive interiors [7].